Dubai has solidified its status as the largest licensed market for virtual assets (VA) globally, with transaction volumes among regulated entities under the Virtual Assets Regulatory Authority (VARA) estimated to be close to Dhs2.5 trillion year-to-date.
This achievement was underscored during a meeting led by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, who is both the First Deputy Ruler of Dubai and the Deputy Prime Minister and Minister of Finance.
During the session, Sheikh Maktoum endorsed the Dubai Financial Sector Strategy, a detailed plan designed to reinforce Dubai’s role as a top-tier global financial center.
Dubai Financial Sector Strategy: A Comprehensive Plan
This strategy aims to double the financial sector’s contribution to the emirate’s GDP, alongside expanding the assets under management in Dubai.
The discussions also encompassed the implementation of this strategy through groundbreaking projects and creating a strong economic measurement framework, as well as evaluating the executive plan for ARENA, the Dubai Financial Market’s (DFM) initial platform for private offerings. Sheikh Maktoum assessed DFM’s performance forecasts for 2025 and deliberated VARA’s initiatives for advancing the virtual assets industry.
“This strategy marks a significant milestone for Dubai’s financial sector. We plan to introduce 15 transformational programs over the next three years to create a dynamic and sustainable financial ecosystem. This endeavor aims to foster investment opportunities, enhance a favorable business climate, and advance our goal of establishing Dubai as the leading global hub for financial services, alongside becoming one of the top three financial centers worldwide, in keeping with the objectives of the Dubai Economic Agenda D33,” said Sheikh Maktoum.
He also praised the accomplishments of DFM, urging continuous advancements in capital markets aligned with international standards and underscoring VARA’s essential role in boosting transparency and reinforcing Dubai’s global footprint in the virtual assets sphere.
Key Aspects of the Strategy
The Dubai Financial Sector Strategy will feature 15 transformative initiatives over three years, focusing on capital markets, asset and wealth management, financing for SMEs, virtual assets, and fintech.
The strategy aims to stimulate market activity by attracting listings from family businesses and startups while also expanding the asset and wealth management sector through measures designed to draw in new asset managers and family offices.
It emphasizes supporting SMEs through innovative financing models that enhance their access to capital, promote sustainability, and increase their contribution to Dubai’s GDP.
Dubai is continuously enhancing its financial standing globally, currently positioned 11th in the latest Global Financial Centers Index (GFCI), up from 12th place earlier this year and 16th last year.
The city excels in anticipated growth potential, projected to experience significant advancements in the next two to three years.
VARA’s Role in Establishing a Digital Asset Ecosystem
VARA has been instrumental in establishing Dubai as a leading center for virtual assets, focusing on developing infrastructure and expanding the ecosystem, while ensuring a secure and innovative environment for users and providers. The VA transaction volumes governed by VARA amount to nearly Dhs2.5 trillion this year, with assets under management surpassing Dhs9.6 billion in 2025, largely driven by institutional engagement.
The virtual assets sector is estimated to account for 0.5% of Dubai’s GDP, approximately Dhs2.2 billion, with expectations under VARA’s jurisdiction to rise to about 3%, equating to Dhs13 billion.
Dubai is home to over 40 licensed virtual asset service providers (VASPs) and more than 600 registered entities engaged in advisory, technology, or proprietary trading activities that do not require full regulation.
Highlights from DFM’s performance discussed during the meeting include a 14.7% increase in the general index in 2025, a total market capitalization of Dhs1 trillion, a Dhs1.4 billion IPO for ALEC Holding, and a secondary public offering for DU valued at approximately Dhs3.15 billion.
The Higher Committee for the Development of the Economic and Financial Sector monitors the implementation of economic and financial strategies that support the Dubai Economic Agenda D33, coordinating among various entities, enhancing competitiveness, tracking performance metrics, and ensuring sustainable economic and financial development.
The committee also formulates initiatives aimed at empowering investors, facilitating capital flows, and positioning Dubai as a premier global destination for finance, investment, and entrepreneurship.